After making the Preliminary Final with slashing attacking football the season before, Melbourne opened as a 7-1 shot for the flag with bookies, and with a new logo which they would continue to use until 2008.

After a breakout year in 1994David Schwarz injured his knee in a pre-season intra-club match. He made a comeback in record time, returning to the side by Round 9, but the injury struck again the next week and his year was over.

The last round became a knockout with the winner of the game against Brisbane to make the finals. The Demons lost, and once again a year that had promised so much had failed to deliver.

Despite missing the final eight the club had their best financial results in a decade, making a profit of $321,650. Despite this the club flagged losses of up to $50,000 a game from future home matches they were being forced to play at Princes Park and threatened to take legal action against the league if they weren't compensated for their losses. The club was banned from displaying signage by their sponsor Tooheys at the ground due to an exclusivity agreement between the ground and CUB.